Today's post is about Bitcoin (BTC/USD). Bitcoin has broken several bear trend lines and is around the last resistance level before a new bull cycle starts.

Let's play a game: where will be the next red hammer?

Let's analyze Bitcoin

The end of a correction ends with a C wave which is made of 5 waves (i-v)

After a C wave ends, a new cycle in the opposite direction is likely to take place. Usually wave i of the next cycle is headed to wave iv of the prior trend.

Let's see how Bitcoin is playing with the bear hammers

Even though BTC/USD has broken several bear trends is still facing a key resistance.
If certainly Bitcoin has changed the trend, this time this resistance needs to ve violated

Violated!

Let's end up this post with the bigger picture Bitcoin/USD

This could be a bear pennant or a bullish pennant. Breakout and volume will determine the next move. Current short term trend is bullish since there are higher lows.